Davis has been the BBC's economics editor since 2001 but is perhaps better known as the frontman of BBC Two's popular business start-up show 'Dragon's Den'. He will take a break from the former role when he moves to radio.
He will take the place of Carolyn Quinn on the 'Today' team, alongside John Humphrys, Sarah Montagu, James Naughtie and Edward Stourton.
Quinn, who has presented 'Today' part-time since January 2004, is leaving to focus on her other Radio 4 presenting commitments, 'The Westminster Hour' and 'PM'.
Davis said: "It's perhaps a bit annoying to take a break from my current job just at the very time the economy seems to be getting interesting. But 'Today' is a radio institution and I'd obviously be mad to turn down a chance to present it."
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